Tulsa Bankruptcy Lawyers, Oklahoma Chapter 7 Bankruptcy

by Zach Waxman on December 17, 2012

Chapter 7 bankruptcy in Oklahoma;

Chapter 7 of the Federal Bankruptcy Code is also referred to as a fresh-start bankruptcy. Without question more Oklahomans file for bankruptcy protection under chapter 7. This chapter of the Bankruptcy Code allows people who make under the median family income, as set out in the means test, to discharge their unsecured debt with the exception of certain back taxes, alimony, child support and student loans. Chapter seven bankruptcy is relatively quick and easy and once your bankruptcy case closes all of your unsecured debt is discharged. Also, if your payroll check is being garnished this garnishment is stopped once the bankruptcy is filed. Our Tulsa Bankruptcy Lawyers file both chapter 7 and chapter 13 bankruptcy cases.

Can I Keep my House or Cars in Bankruptcy;

Oklahoma has one of the nations most liberal set of bankruptcy exemptions. If you own a house and its paid off, its exempt. If on the other hand you owe a mortgage on the home you can simply reaffirm it and continue making payments.

Cars are also exempt. Each party to the Chapter 7 is allowed as an exempt asset one vehicle. The value of the vehicle is up to $7500.00 if its paid off. If, like your family home, you owe money on the car you can reaffirm the loan and continue making payments.

Retirement Funds in Bankruptcy. Each debtor in an Oklahoma Chapter 7 is allowed to keep their 401K or other petition plan. This means that if you have made contributions to the plan and have built up a sizable retirement account you keep it.

For a free consultation with a Tulsa Bankruptcy Lawyer about Chapter 7 bankruptcy in Oklahoma simply call 918-742-3555 or send us an email and we will answer your bankruptcy and family law questions.

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